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Kansas Bioscience Authority Commits $50 Million to Increase Venture Capital, Accelerate Bioscience Business Growth
Date:10/9/2009

partnering to ensure these opportunities get funded," Thornton said.

The KBA board of directors approved commitments to invest with the following venture capital firms:

  • Burrill & Company, San Francisco, CA
  • MPM Capital, Boston, MA
  • IN Partners / MidPoint Food & Ag, Carmel, IN
  • Meadowlark Venture Partners, Chicago, IL
  • Midwest Venture Partners, Chicago, IL
  • Open Prairie Ventures, Olathe, KS
  • Prolog Ventures, St. Louis, MO
  • Triathlon Medical Ventures, Cincinnati, OH

Together, these funds provide a range of expertise in the bioscience sectors in which Kansas
has existing strengths: animal health, bioenergy, biomaterials, plant biology, and human health. Working with multiple funds also exponentially expands the venture capital network focused
on bioscience companies at varying stages of development in Kansas and provides the greatest assurance of increased venture capital flow into the state.

The funds were selected after a rigorous evaluation process that began in February and included an assessment by an independent, nationally recognized financial services firm; extensive due diligence by KBA staff members; a detailed review by the KBA investment committee; and unanimous approval by the KBA board of directors.

Entrepreneurs and venture capital experts from around the country underscored the importance of the strategy of jumpstarting the growth of bioscience venture capital in Kansas:

Dr. Nicholas Franano, chief executive officer of Novita Therapeutics: "This new funding will provide Kansas businesses with much needed access to national and international networks of capital and investors and accelerate the growth of the biosciences industry and jobs in the state of Kansas. Once again, the Kansas Bioscience Authority has come through with a big win."

Dan Berglund, president and CEO of the State Sci
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SOURCE Kansas Bioscience Authority
Copyright©2009 PR Newswire.
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